Owning a home is a dream come true for millions of people. A first home is an aspiration, an invaluable investment that goes a long way. It is a step in the right direction towards prosperity and happiness. If you are a first time home buyer and have decided to make that big purchase, you may have several questions. Buying a house is a big deal and it’s only natural that you want all your queries addressed before you sign the check. This will ensure you are well-informed and comfortable with your decisions.
Here is a list of tips for first-time buyers and steps to buying a house for the first time:
Enquire about your real estate developer
Credibility is the most important thing when purchasing a new home. Real estate has flourished in the past decade, with new players entering the market every year. With so many different options, it becomes difficult to discern each one’s credibility, especially for first time home buyers.
The best way to find out a real estate company’s credibility is through word of mouth and your state’s MAHA RERA website. Check if they are registered to ensure they are compliant with the Act’s rules and regulations. Talk to current and past residents. Ask them for their reviews. You can also read reviews online and go through their website to get more information. Find out from experts what the company’s standing in the market is. Spend time researching thoroughly and ensure that your property developer is transparent and trustworthy.
Checking the MAHA RERA website will also give you a good understanding of the history and credibility of the developer so that you can rest assured that you’re in good hands. This website lists out important information and details about the developers. This includes the facts and particulars on the layout, approvals by the necessary government authorities and offices, project plan, sub-contractors, and more.
Set your budget
The budget for your first home can be a little high, which is to be expected for any big-ticket purchase. Banks, financial institutions, and home loan companies understand this concern and therefore offer you several housing finance options. So, you don’t have to worry about procuring funds because of the plethora of options available to you.
However, as a first time home buyer, you’ll want to exercise a little caution. Choose a house that fits within your budget and for which you can pay back comfortably over the course of a few years. Discuss your budget with your family and bank to figure out what works best for you.
Choose a good location
Choosing a first home in the right location is tantamount to leading a good life. A good location must be safe and have easy access to schools, hospitals, recreational centers, departmental stores, and other important facilities. While your budget is an important factor, livability is important too. At the start of your search, you should make sure that the location has good roads, public infrastructure, public transportation, and access to basic amenities like continuous water supply, electricity, and garbage disposal.
With the infrastructure boom that has taken place, many developments also offer the world- class amenities that make life simpler. And since most well-developed areas offer great connectivity to other key parts of the city, distance no longer needs to be an issue. Choosing your first home’s location can also set the path straight for the possible returns you can expect on home investment.
Check your documents
The importance of this step cannot be stressed upon enough. As a first time home buyer, it’s essential that you keep all documents ready in hand. Follow a step by step process and make a checklist of all the documents you need. Take your time to obtain them.
The list of documents may vary based on the kind of house it is – whether it is under construction, is for resale, or for ready possession. Make sure you do the research for this and have these prepared and filed. It can also be helpful to keep copies of the sets of documents when you buy your first home. Organizing these and filing them for later may come in handy one day for future requirements and references like insurance or loans.
Consider the amenities
A home is much more than four walls. It’s an extension of your personality and your lifestyle. As a first time home buyer, you should assess your needs. Everything from the size of the home you require and the number of bedrooms, to the importance of natural lighting and the size of the family you may want one day. These should all be taken into consideration.
This means that you must assess even the smallest details, like your hobbies and interests. If you require amenities like a gym, swimming pool, yoga center, library, garden, or others, it can be helpful to list them down to look out for them as you search for your first home.
If you have a family, you’ll have to consider their requirements too. In which case, schools, offices, and hospitals nearby will factor into your decision. The kind of house matters as well, especially since there are several options to choose from – gated communities, townships, high-rise buildings, rowhouses/bungalows, and many more. Mapping out all these elements and needs will help you better to fulfill them with patience.
Now that you’re aware of the steps to buying a house for the first time, you’re better prepared to take the steps towards your next purchase. At Dosti Realty, we offer a wide range of homes to first time home buyers across top locations in Mumbai Metropolitan Region with a focus on comfort, transparency, and affordability. With our support and credibility, your first home buying experience will be nothing short of perfect!